Popcat (POPCAT) Rushes to New Heights, Soaring by 12% in 24 Hours

Fresh from reaching its all-time high price of $1.08 last Friday, Popcat (POPCAT) appears to be rushing to new heights.

Fresh from reaching its all-time high price of $1.08 last Friday, Popcat (POPCAT) appears to be rushing to new heights.

In the past 24 hours, the adorable feline-themed token soared by over 12% from a $0.9319 low to a $1.05 high. Bitcoin (BTC) dropped back to the $63K range as of Tuesday noon, but Popcat defiantly kept its more than 8% gain in a day at $1.05.

The figures came amid the token’s significant climb by around 13% in a week, 93% in a month, and 6,370% since its launch by the end of December last year.

The two-digit rise in its transaction volume at 18% today underscored the unwavering investor and trader interest in the meme coin. Along the way, $150.77 million of the digital asset moved across DeFi wallet addresses. Currently, the market cap of Popcat’s 979.97 million circulating supply sits at $1.031 billion.

Popcat is only 3.36% down from its record peak at $1.08 five days ago. This begs the question of whether or not the cat-themed token has more juice left to surpass the numbers.

TradingView’s technical analysis tools currently indicate an overall “Strong Buy” signal for Popcat in the daily and weekly charts. In both instances, its Relative Strength Index (RSI) readings remained at 66 to 63, respectively, which only means there’s probably more room for further growth in the token’s price. Meanwhile, the “Buy” signals in the exponential moving averages (EMA) during these periods have also suggested a continuation of the bullish trend.

Moreover, Popcat just broke above a symmetrical triangle pattern in both the 2H and 4H charts on the way to today’s price. This could make room for more price swings on the upside in the short run, which would further solidify its potential ascension toward another all-time high soon.

Recently, analysts noted the sizeable breakouts in the market capitalization of altcoins. This fueled rumors that the altcoin season may be at hand. AMB Crypto believes we may not be there yet, but that could only mean that there’s still time to invest before prices go off the roof.

According to its analysts, Bitcoin presently maintains its status as the most dominant crypto out there, with a lion’s share of 57.37% in the pie. But then again, it has substantially declined from its 58.59% market share ten days prior. This could mean that confidence in altcoin is gradually building up.

On the other hand, the altcoin season wouldn’t go in full swing until the interest of investors in Bitcoin starts to wane or once they start taking in their profits from the premier digital asset’s high exchange rate. The resulting sell-off could bring about consolidation in BTC’s value and shift investor attention toward altcoins.

At this point, all we could do is wait for this scenario, unless certain events suddenly trigger a tidal shift in market sentiment.